Tesvolt receives growth capital from the state of Saxony-Anhalt
Magdeburg/Wittenberg (Germany), 28 March 2017 – IBG Risikokapitalfonds III (IBG), managed by bmp Beteiligungsmanagement AG (bmp), is investing several million Euros in commercial storage system manufacturer TESVOLT. The young company from Wittenberg develops and produces lithium battery-storage systems for commercial customers. The IBG investments will go towards the further development of TESVOLT technology. In addition, the production lines will be expanded to be able to meet increased demand. Further resources will be used to finance national and international marketing and sales activities.
The market for commercial storage systems is growing
Since its founding in 2014, TESVOLT has established itself in a market environment that is in a state of dynamic growth. In Germany alone, the number of installed electricity storage systems is estimated to double every two years until 2020. At the same time, the prices for battery-storage systems will continuously fall in the coming years.
“Against this backdrop, it is all the more important to put forward quick additional growth and to expand on our existing competitive advantages in a targeted fashion,” says Daniel Hannemann, co-founder and CEO of TESVOLT.
TESVOLT has developed an innovative storage system that features a new safety standard and a service life of 30 years. Commercial customers in particular use TESVOLT batteries for storing self-generated power or as part of off-grid applications. For example, TESVOLT was awarded the contract for the delivery of the largest decentralized off-grid storage system in the world in summer 2016. With a total capacity of 2.68 megawatt-hours (MWh), it provides emergency power to the water pumps of an agricultural project in the Eastern Province of Rwanda.
Up to 10% higher total efficiency than other storage systems
Simon Schandert, CTO and co-founder of TESVOLT, explains: “The core of our solutions is our Active Battery Optimizer technology, which ensures equal charge distribution in all interconnected cells. This leads to an increase in the efficiency of the batteries and a total efficiency that is 5% to 15% higher than battery-storage systems with conventional battery management systems. With this, we already offer the most efficient cell-balancing system on the market today.”
About the IBG funds
The IBG funds are based in Magdeburg and are the venture capital funds of the federal state of Sachsen-Anhalt. The IBG funds provide equity capital financing for young innovative technology companies with long-term and above-average growth potential that are headquartered in or have a branch office in Sachsen-Anhalt. The IBG funds have already invested in over 100 companies since 1996. Currently approximately 50 companies are part of the portfolio. The IBG funds are managed by bmp Beteiligungsmanagement AG, Berlin and Magdeburg.
With background of experience of more than 250 investments in almost all technology segments, the majority of which were early phase, bmp is one of the most experienced venture capital investors in Germany. In addition to direct investments, bmp´s activities also include managing risk capital funds for KfW Bankengruppe and DEG – Deutsche Investitions- und Entwicklungsgesellschaft. bmp currently manages the IBG funds in Sachsen-Anhalt and the Frühphasenfonds Brandenburg fund.
TESVOLT specializes in commercial battery storage systems. The innovative company from Lutherstadt Wittenberg produces storage systems with the most modern battery cells: prismatic lithium cells from Samsung SDI based on nickel-manganese-cobalt-oxide. TESVOLT storage systems function just as well at low voltage as at high voltage, and can be connected to all energy producers: sun, wind, water, biogas and combined heat and power — on-grid and off-grid.
The TESVOLT commercial storage solutions are manufactured in the first Gigafactory for battery storage systems in Europe at the Wittenberg location.
TESVOLT was awarded the German Entrepreneur Award in 2018 in the category "Rising Star". For the off-grid power supply of an avocado farm in southwestern Australia, TESVOLT received the "The smarter E award" in the "Outstanding projects" category as well as the International Award for Rural Electrification (ARE).
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